Healthcare electronic data interchange (EDI) is a standardized way of transaction that ensures reliable bi-directional flow of data. It can solve the complications related to integration, interoperability between healthcare providers, payers, pharmaceutical and medical device industries.
The healthcare industry processes enormous number of documents, health insurance settlements, patient medical records, and healthcare claims, among others. The electronic data interchange is better than traditional paper form as it creates rapid, accurate, secure and complete information. It also enables efficient information retrieval, thus, improving the quality of healthcare delivery and reducing healthcare expenditure.
Flexible and Affordable Web and Cloud-based Delivery to Lead through 2025
Several delivery methods or approaches are used for delivering EDI services or solutions include web and cloud-based EDI, mobile EDI, secure file transfer protocol (SFTP), file transfer protocol over virtual private network (FTP/VPN), direct (Point-to-Point) EDI, and EDI value added network (VAN). The web and cloud-based EDI are flexible and affordable. Therefore this segment is expected to witness high demand from small and medium-sized healthcare providers. Advancements in web-based EDI have resolved many issues regarding confidentiality, authentication, and data integrity. In addition, improving web-based standards and extensive use of Extensible Markup Language (XML) may also support the growth.
Web and cloud based applications can be widely used for medical and dental patient database management and insurance and reimbursement data management. For instance, Zoeticx, Inc., a medical software provider has recently launched a cloud app called ProVizion Wellness exclusively for hospitals and other healthcare providers. This application can be used for streamlining data integration for annual wellness visits (AWV) covered by private insurers. This system improves management abilities to support tracking facility on population progress for AWVs. This application can be integrated with any deployed EHR system with negligible workflow impact.
Market Overview
According to the findings of Grand View Research, Inc.; the worldwide healthcare electronic data interchange (EDI) market is likely to attain nearly USD 5.9 billion by 2025. Increasing need for reducing healthcare expenses and strong government support for healthcare IT can propel the market over the forecast period (2014 to 2025).
North America is anticipated to dominate the market during the study period owing to high demand for innovative IT solutions to streamline workflows.
Some of the leading companies operating in the market are Experian Information Solutions, Inc.; Allscripts Healthcare Solutions Inc.; GE Healthcare; Optum, Inc.; and Siemens Healthineers.
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